Tuesday, October 3, 2023

The UK will issue its own NFT

One of Europe’s most conservative countries will try to become somewhat more modern in financial terms, so their Royal Mint will start issuing their own NFT

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2 min read

The Economic Secretary of the UK Treasury, John Glen, gave a speech this week at the World Conference on Innovative Finance and Technology (Fintech Week 2022). He spoke about how their country is the second-largest fintech hub in the world, right after the United States, and that the ruling party is preparing a new set of laws that will further enable innovation in the field of financial technologies. Their goal, Glen says, is to create a dynamic regulatory environment that will suit everyone in that market.

Britain will embrace the crypto
Among other things, he referred to the insufficiently good legal solutions by which the United Kingdom now regulates this area, and announced that the laws there will soon allow the inclusion of cryptocurrencies, primarily stablecoins, in certain payment systems. This will allow issuers of such coins to provide their services and work and grow in that country, while payments to stablecoins will become more secure and they will be able to gain the trust of users.

Additional regulations have been announced to cover cryptocurrencies, in the sense that they will support a secure and sustainable environment for innovation in this area. Blockchain technologies are already being used in international trade to track imports into the UK, and there will be even more such applications.

 

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When it comes to innovative applications of digital tokens written on the blockchain, there is inevitably talk of irreplaceable tokens, NFTs. British Finance Minister Rishi Sunak has already asked the Royal Mint to create its own NFT. Although it is not yet known what the NFT will be or what it will be used for, Glen pointed out that it will be released by the summer, and will be “a sign of a modern approach and view of the future of the current British government”.

More details on the first official British digital token should be known soon.

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